Businesses in these counties may apply for Economic Injury Disaster Loans, which are available to eligible small businesses that suffered a substantial loss of income as a result of the drought that occurred from May 16, 1999 and continuing. Businesses have until August 30, 2000 to make application.
"I encourage small business owners whose bottom line has suffered as a result of the drought that has hurt area farmers and producers along Iowa's southern border to take advantage of these federally-backed, low-interest loans," said Grassley. "If your business suffered a substantial drop in revenue due to the drought, be sure and check out the assistance available from the Small Business Administration."
Grassley advises interested small business owners to contact the Small Business Administration toll-free at 1/800-366-6303. Loans may be approved for up to $1.5 million for actual disaster-related financial needs of the business. Interest rates are four percent and terms may extend to 30 years.